BWI: Sical Makes Major Appointments to Board of Directors

Press release from Business Wire India
Source: SICAL
Wednesday, May 06, 2009 06:01 PM IST (12:31 PM GMT)
Editors: General: People; Business: Advertising, PR & marketing, Automotives, Business services, Commodities & materials, Transport engineering; Automotive
Release no: 19883
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Sical Makes Major Appointments to Board of Directors


Chennai, Tamil Nadu, India, Wednesday, May 06, 2009 -- (Business Wire India) --
-- Karthik Menon appointed Vice-Chairman

-- LR Sridhar appointed Managing Director

-- Vinod Giri appointed IDFC-PE's nominee director

BSE: 520086
NSE: SICAL
Reuters: SICA.BO
Bloomberg: SIC@IN

Sical Logistics Ltd, India's leading provider of multi-modal integrated logistics solutions for bulk and containerized cargo, today announced that its board of directors, at a meeting held on 5 May 2009, have approved two major appointments to Sical's board: Karthik Menon as Vice-Chairman and LR Sridhar as Managing Director.

Karthik Menon is currently a non-executive director on Sical's board, while LR Sridhar is currently CEO - Bulk Logistics and Director & CEO - Sical Distriparks Ltd.

The board also approved the appointment of Vinod Giri as IDFC PE's nominee director.

Comment from Ashwin Muthiah, Chairman, Sical Logistics

The appointment of Karthik Menon and LR Sridhar signals the board's commitment to bring in, at the ownership and management levels, strong performers with a track record of strategic, management, and operational success, said Ashwin Muthiah, Chairman, Sical Logistics. "We are confident that this team, working in tandem, will bring in a renewed vigor and dynamism to Sical," he said.

"Karthik Menon, who joins the board in a non-executive and honorary capacity, has been, without doubt, the strategist and driving force behind Sical's successful business and organizational structuring, set in motion in 2005-06. Given his stellar record not only on Sical, but with the promoter group's various companies, the board sees Mr Menon in the role of a facilitator to enhance shareholder value," Ashwin Muthiah said.

"LR Sridhar has a track record of consistent delivery that inspires confidence. In less than three years of joining us, he transformed the container logistics business (Sical Distriparks) from an underachieving division into one of Sical's most significant and profitable businesses. He was given charge of the bulk logistics business-Sical's mainstay--barely 6 months ago, and, as a result of his focused approach to operations and business development, profitability margins have begun to rise appreciably in that segment as well.

We expect Mr Sridhar's inspirational and motivational leadership to help realize our vision of being India's dominant solutions provider of integrated multi-modal logistics solutions for bulk and containerized cargo," Ashwin Muthiah said.

About Sical

Handler of more than 26 million tonnes of bulk cargo and 500,000 TEUs of containerized cargo annually, Sical Logistics Ltd is India's leading provider of integrated solutions for offshore logistics and multimodal bulk and containerized logistics.

Sical provides end-to-end solutions in:

Bulk logistics-stevedoring; port terminals; customs house and shipping agency; trucking; railroad; warehousing.

Container logistics-container terminals; ICD; CFS.

Offshore logistics-platform supply vessel; cutter suction dredger.

Sical's delivery network includes an exclusive walk-in berth at Chennai for ships carrying bulk cargo; a container terminal at Tuticorin; 225,000 square feet of storage across 17 warehouses; owned and regularly contracted fleet of more than 1000 transport vehicles; container freight stations at 3 locations across India; Sical Torino, a deepwater-capable platform supply vessel , and Sical Portofino, a cutting section dredger.


CONTACT DETAILS
Richa Tilokani, Sical Logistics Limited, +91 (044) 22350724 / +91 9940164870, richa@sical.com

KEYWORDS
PEOPLE, MARKETING, AUTOMOTIVE, BUSINESS SERVICES, COMMODITIES, TRANSPORT, AUTOMOTIVE

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